Coping financially when maintenance ends

[JillyC8]

Older mum here, stressing about how I'll cope financially when my children reach 18. I thought it would get easier, I'd meet someone new etc, but that hasn't happened and happy as I am being single, I realise it puts me at a distinct disadvantage when it comes to finances.

In two years, my maintenance will halve, then two years later will stop altogether, as will the tax credit and child benefit. I work full time in a stressful job, to which I commute for one hour each way. I've looked at alternative employment closer to home, but in the field I work, there is very little around and I'd end up taking a very big wage cut.

I'm in my fifties, and I want to begin easing the stress a bit, but with the prospect of losing around £800 a month in a coup,e of years, I don't know if I ever can.

Even with the children getting jobs, and my daughter wants to go to uni, I doubt their contribution to the finances will make a big difference at their age. We don't live in a big house - just a 3-bed terrace, so downsizing isn't an option. I will still owe £95000 on my mortgage in two years.

Just wondering if there is anyone else here who is facing this scenario ...

J

swing if your income means your DD can not get all the funding possible, the less funding available is due to the gov expecting parents to fill the gap.
There is a big problem with parents not realising this and students suffering.

You might be ok as your DD gets it all. But you just might want to check

blog.moneysavingexpert.com/2016/09/02/how-much-are-parents-supposed-to-give-their-children-when-they-go-to-university/

I think this is going to become more and more of a problem as tax credits are far more generous to people with children than to single people. Can you overpay your mortgage and get it down a bit over the next couple of years before the extra money stops. And as others have said extending your mortgage term would be an option depending on your age. of course that isn't ideal but it would get the payments down.

When my ex left me I had no choice but to rent out a room because I would not have been able to pay the mortgage otherwise and I have never once counted his money in my bills.

I knew that by counting it, I would get used to it and then when it went I'd be screwed so that and CB I've always just discounted.

I had one lodger for 6 years and it worked really well. The second one is leaving on Saturday, just didn't work out and found living with a straight man quite difficult.

I would highly recommend getting a lodger. If that means when your kids go off to uni or at uni they have to share a room when they come thats life. I'm going to sign up the local uni for students and that way I can go onto single person council tax.

I've resigned myself to always having a lodger really because it means I can stay where I am and I won't be up shit street when the maintenance and CB stop.

If you're looking at budgeting and saving money I'd highly recommend You Need A Budget - google YNAB 3 months free and you can get a 3 months free trial.

Also, if you want to see if you can boost your side income I'd really recommend Brilliant Business Moms (podcast and website) - American, but lots of useful advice, especially around building small businesses like yours.

JillyC8 - what did you decide to do, in the end? I've just re-read the thread and I can't believe he refuses to come to your house?! Doesn't 'do' your friends and family... it's all his way isn't it! He sounds pretty uncaring.

Sending you courage to stay in your own, lovely home...

Oops wrong thread sorry!

OP a previous posted mentioned Prince2. It's a project management course - project managers can earn good money, up to £50 or 60k depending on industry.

I used to work in publishing and we had project managers. We actually had a restructure and brought in project managers, having previously had managing editors. So a managing editor is basically the equivalent in publishing. Might be worth considering. I know someone who was a project manager and who progressed to commissioning editor and is now a publisher. So I don't think that being a content manager is necessarily the end for you. Have you talked to work about career progression?

Equally have you thought about going freelance? A friend of mine did this (as a commissioning editor) and in house she was paid about £35k and freelance £45k, although you have to factor in no paid sick or holiday of course. If you're interested then you could think about doing a few hours around your job and building it up into something more long term. Of course it might not be easy around your sewing job.

Im 43 and in the same boat too...i have 3 kids...the oldest 2 are at uni and all tax credits etc stopped when they turned 18 but i still have to feed them in the uni holidays....they are both over 6ft and constantly eating so it costs me a bomb...
I dont have a career just a job and im terrified for my future.....

I’m in my mid 40s but my children are young so I will have finished paying the mortgage but my court order says he must pay maintenance until they finish full time education including university and he has to pay half of all schooling costs in addition to maintenance up until end of this. Worth a visit up a mediator or solicitor maybe? Mine intend to to follow and do Vet med or Medicine etc so might be 20 plus years before they finish. If they don’t go to university options are downsize, rent rooms etc my plan here is to go up and out - convert the loft for one for university and convert the garage into granny flat for other. And then rent out or move in later in life and leave the main house for them to share.

Another single parent reporting for duty .... my son is currently in year ten, he hopes to get an apprenticeship next year when he finished year eleven. Having checked I think I'm right that cb, tax credits and maintenance will stop then as apprenticeships don't count as 'in education or training'. Unfortunately the apprenticeship wage will just about cover his travel and leave a bit of pocket money left for him. There's no chance my ex will carry on contributing for a moment longer than he has to

I work full-time and have roughly £90k left to pay on the mortgage. I am frugal, I think it comes with the single parent territory, I do what I can to find extra pennies - I do surveys, I use cashback sites, I have recently been paid £150 to advertise an estate agent on my car, I use apps such as shopmium / checkoutsmart that means my food budget can be stretched a bit further. All of these things help me and I reckon I generate an extra £100- £200 a month on average, I'm happy to help if you want further info on any of these or if you wish me to refer you to any of them (please send me a message if you do). However, like you I worry myself silly about the future, my ds is autistic and I worry about his chances of finding employment in the future.

Snail: tanks for your post - there is lots of useful advice on there. I will definitely be looking into.